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Ramaco Resources (METC) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Ramaco Resources (METC) Q3 2026 earnings results →
Q3 2026 Revenue up 24% year over year to $150M · 12¢ of every $1 of revenue lost · operating margin -14.1%
Ramaco Resources made $150M in Q3 2026 (+24% Y/Y): Export revenue, excluding Canada $97.1M, North American revenue $53.0M. Operating margin -14.1%, net loss $18.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $150.1M in Q3 2026, up 24% year over year and up 4% from the previous quarter. Export revenue, excluding Canada was the largest line at 65% of revenue. Export revenue, excluding Canada added $24.1M year over year (up 33%), 83% of the total change.
Operating costs exceeded revenue by $21.1M, an operating margin of -14.1%. Total costs grew 26% against revenue growth of 24%. The fastest-growing cost line was Cost of revenue (+31%). The quarter ended with a net loss of $18.2M, wider than the previous quarter's $15.4M loss.
Operating cash flow was −$12.0M. Non-cash charges added back $17.6M of depreciation and amortization and $5.1M of share-based compensation. Working capital and other items used $16.4M. Capital expenditures of $35.5M exceeded it, leaving free cash flow of −$47.5M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $150M | +24% | -14.1% | −$18.2M | −$12.0M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $145M | -5% | -12.6% | −$15.4M | $12.2M |
| Q1 2026 | 10-Q | May 11, 2026 | $122M | -10% | -20.0% | −$18.3M | −$34.6M |
| Q3 2025 | 10-Q | Oct 28, 2025 | $121M | -28% | -12.0% | −$13.3M | −$1.4M |
| Q2 2025 | 10-Q | Aug 1, 2025 | $153M | -2% | -9.1% | −$14.0M | −$4.3M |
| Q1 2025 | 10-Q | May 12, 2025 | $135M | -22% | -8.9% | −$9.5M | $26.0M |
| Q4 2024 | 10-K | Mar 17, 2025 | $171M | -16% | 3.7% | $3.9M | $15.7M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Ramaco Resources
Ramaco Resources, Inc. (the “Company,” “Ramaco,” “we,” “us,” or “our”) is a Delaware corporation formed in October 2016. Our principal corporate and executive offices are located in Lexington, Kentucky with operational offices in Charleston, West Virginia and Sheridan, Wyoming. We are a dual platform critical mineral company that is both an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia, and a developing producer of coal, rare earth elements and critical minerals in Wyoming. Our metallurgical coal development portfolio primarily includes the following properties: Elk Creek, Berwind, Knox Creek, and Maben. We believe each of these properties possesses geologic and logistical advantages that make our coal among the lowest delivered-cost U.S.
In its own words, from its 10-K, filed Feb 26, 2026.
Ramaco Resources against its Silver Ores peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +24% against the peers' median +24%. Operating margin: -14.1% against the peers' median 0.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| METC Ramaco Resources | Q3 2026 | $150M | +24% | -14.1% |
| CNR Core Natural Resources | Q3 2026 | $1.1B | +14% | 0.6% |
| CODQL Coronado Global Resources | Q2 2026 | $514M | +10% | -8.7% |
| HCC Warrior MET Coal | Q3 2026 | $508M | +55% | 10.0% |
Source: Ramaco Resources 10-Q on SEC EDGAR · CIK 1687187 · Silver Ores
Guidance and outlook
13F: who owns METC and who is buying
More on METC
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results